GE cheered by PTC extension

GE CEO Jeff Immelt

GE CEO Jeff Immelt

Industrial giant GE again reported lower wind turbine sales as a drag on its Infrastructure division, but took heart from the extension of the US production tax credit (PTC).

GE's Infrastructure orders for the fourth quarter of 2012 “were $28.5bn, up 2%, and up 7% excluding the effects of a decrease in orders for wind turbines, and FX (foreign exchange)”.

The US behemoth's wind turbine business suffered at the tail end of last year as orders wilted in the face of uncertainty over the future of the key federal incentive.

GE CEO Jeff Immelt told financial analysts that the eventual one-year PTC extension was a "tangible" benefit from the last-gasp negotiations to avoid America's "fiscal cliff" crisis.

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